Back fill

Back title letter

A letter that a title insurance company gives to an attorney who then examines the title for insurance purposes.

Back-to-back escrow

Arrangements that an owner makes to oversee the sale of one property and the purchase of another at the same time.

Backup offer

A secondary bid for a property that the seller will accept if the first offer fails.

Backwater valve

A valve in a sewer line that prevents sewage from flowing back into a house.

Balance sheet

A statement that shows the assets, liabilities and net worth of an individual.

Balloon loan

A mortgage in which monthly installments are not large enough to repay the loan by the end of the term. As a result, the final payment due is the lump sum of the remaining principal.

Balloon payment

The final lump sum payment due at the end of a balloon mortgage.

Balloon-frame construction

A type of framing used in two-story homes in which studs extend from the ground to the ceiling of the second floor.

Balustrade

Railing held up by a set of posts on a porch or stairway.

Bankruptcy

A proceeding in which an insolvent debtor can obtain relief from payment of certain obligations. Bankruptcies remain on a credit record for seven years and can severely limit a person's ability to borrow.

Bargain sale

The sale of a piece of property for less than market value.

Baseboard

Any board or molding found at the bottom of an interior wall.

Baseboard electric heat

Heating units installed in the floor that can be controlled by a central thermostat.

Basement

The area of a home below ground level.

Basis Point

A basis point is one one-hundredth of one percentage point. For example, the difference between a loan at 8.25 percent and a mortgage at 8.37 percent is 12 basis points.

Bay

The opening between two columns or walls that forms a space.

Bay window

A window that projects outward in a curve.

Bearing wall

A wall that supports its own weight in addition to other parts of a structure.

Before-tax income

Total income before taxes are deducted.

Beneficiary

The lender who makes a loan, also called a mortgagee. The person borrowing money is the mortgagor.

Bequest

Personal property given to a person through a will.

Betterment

An improvement that increases a property's value as opposed to repairs that maintain the value.

Bidding war

Offers from multiple buyers for a piece of property. Agents also sometimes compete to list a house for sale.

Bilateral contract

A contract in which the parties involved give mutual promises. Also called "reciprocal" contracts.

Bill of sale A document that transfers ownership of personal property.

Binder

A report issued by a title insurance company that details the condition of a home's title. and provides guidelines for a title insurance policy.

Biweekly mortgage

A mortgage that requires payments every two weeks and helps repay the loan over a shorter term.

Blanket insurance policy

A policy that covers more than one person or piece of property.

Blanket mortgage

A mortgage that covers more than one property owned by the same borrower.

Blighted area

A neighborhood that has deteriorated.

Blind nailing

Nails driven into a wall and concealed with putty.

Blue sky laws

Regulations on the sale of securities to prevent consumers from investing in fraudulent or high-risk companies without being informed of the risks.

Blue-ribbon condition

A house maintained close to its original condition. Also called mint condition.

Blueprint

Board foot

Measurement of lumber that is the equivalent of 144 cubic inches.

Board of Equalization

A state board charged with ensuring that local property taxes are assessed in a uniform manner.